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Posted May 8th, 2015 by Charles Purdy

Difficult Greek talks undermine the euro

Clearly the unexpected clarity of the UK election result weakened the euro overnight against sterling, but it was already suffering as uncertainty over the Greek bailout had been increased yesterday.

The Greeks are still trying to make the case for softening the hardships and austerity cuts but a brick wall is being hit and given the Greek governing party was elected on the basis that it wouldn’t accept anything else an impasse seems to be being reached. It is going to be a long weekend of negotiations as timescales are now measured in days rather than weeks.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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Posted April 27th, 2015 by Charles Purdy

Euro holding on

Despite the on-going Greek debt problem, the euro had a reasonable week last week and even gained ground against the US dollar. The IFO German business sentiment data released on Friday was optimistic helping the currency’s positive trend.

This week should be an interesting one; the majority of the European market are certainly keeping a close eye on Greece, whether its current bailout crisis is under control or an exit from the euro is likely. The situation remains on-going and uncertain, so if Greek bailout talks should take a dramatic turn for the worse over the coming weeks the euro can expect to pay with a heavy fall.

On Thursday we have Eurozone inflation and employment data with the unemployment rate expected to show a slight reduction to 11.2%.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 17th, 2015 by Charles Purdy

Sterling moves sideways against the euro and up against the US dollar

On the whole a positive week for sterling which has seen the currency move from strength to strength against the US dollar, regaining ground it lost last week, but it made only marginal gains against the euro. This performance against the euro is a slight surprise as the markets are stating there is an 80% chance of Greece defaulting on its debt. The problem for sterling is the uncertainty surrounding the outcome of the UK General Election which is now only three weeks away.

Sterling saw a small downturn on Tuesday as confirmation was released that UK inflation had remained at a record-low 0% throughout March. Despite this, the UK currency soon recovered against the US dollar, as disappointing retail sales data from the States saw sterling gain over a cent against the US currency. Further disappointing US economic data was reported on Thursday, showing that unemployment had increased for the second month in a row – this allowed sterling to rise to a 2-week high against the US dollar.

Today sees the release of labour data from the UK, with average earnings over the past 3 months likely to have the largest impact on investor sentiment.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 7th, 2015 by Charles Purdy

Euro still “controlled” by the Greek debt problem

Greece and its debt problems continue to be the centre of attention. On the whole the rhetoric is positive but until all is agreed it is very difficult to predict the actual outcome. Otherwise the euro enjoyed a steady week last week with no major movements.

Today we have the release of the March Eurozone Purchasing Managers Index for the Service Sector which is expected to hold steady. Similar to the UK we then have a raft of data covering output for industry and manufacturing for the Eurozone released towards the end of the week. If the Greek debt problem doesn’t blow we could see some confidence return to the Eurozone economy and possibly the euro.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted March 27th, 2015 by Charles Purdy

The Euro has an okay week

On Thursday, the Euro fell against a basket of currencies. European Central Bank (ECB) President Mario Draghi said the effect of the bond buying programme has been ‘significant’, and stated that the fall in long term interest rates have weakened the currency.

However, over the course of the week it has been positive for the euro as it strengthened universally. We seem to be a step closer to the Greek debt problem being sorted out (for the time being) and economic data out of the Eurozone has been positive and in some cases very positive. The important point to remember though is the ECB still wants the euro to be weak to boost export competiveness and when they want something they tend to get it.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted March 20th, 2015 by Charles Purdy

Somehow the euro has a good week!

The euro seemed to enjoy a good week especially against sterling, pulling back to well below the 1.40 level. As did sterling, the euro saw some rapid movement against the US dollar following the Federal Reserve meeting on Wednesday.
Although progress seems to be being made on the Greek debt there are always warning signs around the corner as the European Parliament President Martin Schulz warned that Greece’s financial situation was ‘dangerous’, with debt payments looming and still no deal agreed; only extended. There is European Central Bank (ECB) net investment flow data out at 10am today; otherwise, this day posts to be another quiet day in terms of euro data releases. Any movements in euro markets are more likely to be a result of events elsewhere.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted March 20th, 2015 by Charles Purdy

Somehow the euro has a good week!

The euro seemed to enjoy a good week especially against sterling, pulling back to well below the 1.40 level. As did sterling, the euro saw some rapid movement against the US dollar following the Federal Reserve meeting on Wednesday.
Although progress seems to be being made on the Greek debt there are always warning signs around the corner as the European Parliament President Martin Schulz warned that Greece’s financial situation was ‘dangerous’, with debt payments looming and still no deal agreed; only extended. There is European Central Bank (ECB) net investment flow data out at 10am today; otherwise, this day posts to be another quiet day in terms of euro data releases. Any movements in euro markets are more likely to be a result of events elsewhere.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted March 20th, 2015 by Charles Purdy

Somehow the euro has a good week!

The euro seemed to enjoy a good week especially against sterling, pulling back to well below the 1.40 level. As did sterling, the euro saw some rapid movement against the US dollar following the Federal Reserve meeting on Wednesday.
Although progress seems to be being made on the Greek debt there are always warning signs around the corner as the European Parliament President Martin Schulz warned that Greece’s financial situation was ‘dangerous’, with debt payments looming and still no deal agreed; only extended. There is European Central Bank (ECB) net investment flow data out at 10am today; otherwise, this day posts to be another quiet day in terms of euro data releases. Any movements in euro markets are more likely to be a result of events elsewhere.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted March 20th, 2015 by Charles Purdy

Somehow the euro has a good week!

The euro seemed to enjoy a good week especially against sterling, pulling back to well below the 1.40 level. As did sterling, the euro saw some rapid movement against the US dollar following the Federal Reserve meeting on Wednesday.
Although progress seems to be being made on the Greek debt there are always warning signs around the corner as the European Parliament President Martin Schulz warned that Greece’s financial situation was ‘dangerous’, with debt payments looming and still no deal agreed; only extended. There is European Central Bank (ECB) net investment flow data out at 10am today; otherwise, this day posts to be another quiet day in terms of euro data releases. Any movements in euro markets are more likely to be a result of events elsewhere.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted May 17th, 2010 by Charles Purdy

EURO/GBP – 1.173
US$/GBP – 1.441
CHF/GBP – 1.643
CAN$/GBP – 1.495
AUS$/GBP – 1.646

Sterling has hit a 13 month low against the US dollar in early trading this morning and also fell against the euro as house price data for the UK raised concerns over the health of the domestic economy. This is a particular worry as the new government is committed to cutting the deficit, therefore investors are concerned that the UK will experience poor growth as a result. A house price survey showed that UK prices in May rose less than they did in April pointing to a slow down in the housing market recovery. The reason for the fall was an increase in supply causing sellers to reduce their price expectations. The pound hit $1.4253/ £1 – the lowest since March 2009 – and also fell against the euro to hit a low of 1.1640/ £1. There is little other data out today and as a result, the pound is likely to continue to trade on sentiment. Call in now for an updated price as we could break through the $1.40/ £1 barrier soon.

In the Euro zone, the euro has hit a 4 year low against the US dollar of $1.2235/1 as sentiment towards the region continues to fall. Concerns that the debt crisis in Europe will undermine the global economic recovery saw Asian stocks fall by 3% overnight – the most since November 2009. This in turn drove risk aversion and saw demand for US dollar surge as a safe haven asset. There is little other data out today in Europe, so expect the sentiment based trading to continue. We could quite conceivable hit $1.15/1 in the next few weeks. Call in now to ensure you don’t lose out.

In the USA, with strong demand for the US dollar today following a poor session on Asian stock markets, expect the trend to continue today. US stock futures suggest that the US stock markets will be down by several points later today. This risk aversion is driving demand for the US currency. Following strong industrial data last week, the Empire manufacturing survey is expected to show similar strength. Later in the week we have the minutes from the Fed’s recent interest rate decision, which could point to when the US Federal Reserve is likely to raise interest rates next. Get in touch now, as we have seen the pound fall by 20 cents over the last year. Stop this from continuing to impact your payments by speaking to a trader today.

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